Fisher Scientific exec compensation on the rise

By Bob Sanders

New Hampshire Business Review, Thursday, April 13, 2006

Fisher Scientific's Paul Montrone, the only New Hampshire chairman and CEO this year who heads a Fortune 500 company, has come into a fortune of his own. According to a proxy statement filed with the Securities and Exchange Commission, he cashed in some $21 million in stock options 2005.

And that's not the whole of it. Montrone – who also is chairman of the board of directors and owns about 2.5 percent of the Hampton conglomerate – received a $6.7 million compensation package, including options valued at $4.3 million, which brings his total options left to $71.2 million, of which $66.2 million are exercisable. The package also includes a base salary of $1.1 million, doubled by a bonus payout and such perks as $21,000 in professional fees for legal tax and estate planning and $32,000 related to personal security and travel.

Montrone's base salary will be increased to $1.2 million in 2006.

Montrone's subordinates have not been poorly either. Paul Meister, vice chairman of the board, has a compensation package that adds up to nearly $5 million and his base salary of $600,000 will increase to $900,000 this year.

President and chief operating officer David T. Della Penta will get nearly $4 million, and CFO Kevin Clark will receive nearly $3 million.

Meanwhile, executive pay at Pennichuck Corporation – which was filed at the same time – is in a somewhat different ballpark. Outgoing President and CEO Donald Correll will get a package worth $416,626. His base salary increased from $251,250 (without any bonus) to $265,000, as of April 15, when Correll said he was planning to leave to head American Water Works, the nation's largest based in New Jersey. His salary there is not public, since AWW is privately held, but it won't be for long. AWW plans to launch an Initial Public Offering sometimes in 2007.